Uniprop Manufactured Housing Communities Income Fund Ii Inactive
Company Profile
| Document And Entity Information | 9 Months Ended |
| Sep. 30, 2013 | |
| Document Information [Line Items] | ' |
| Entity Registrant Name | 'UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II /MI/ |
| Entity Central Index Key | '0000805993 |
| Current Fiscal Year End Date | '--12-31 |
| Entity Filer Category | 'Smaller Reporting Company |
| Trading Symbol | 'YYLBB |
| Entity Common Stock, Shares Outstanding | 0 |
| Document Type | '10-Q |
| Amendment Flag | 'false |
| Document Period End Date | 30-Sep-13 |
| Document Fiscal Period Focus | 'Q3 |
| Document Fiscal Year Focus | '2013 |
| BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
| ASSETS | ' | ' |
| Land | $8,952,937 | $8,952,937 |
| Buildings And Improvements | 42,391,907 | 42,321,607 |
| Furniture And Fixtures | 678,866 | 651,604 |
| Real Estate Investment Property, at Cost | 52,023,710 | 51,926,148 |
| Less Accumulated Depreciation | -35,550,630 | -34,266,824 |
| Net Property and Equipment | 16,473,080 | 17,659,324 |
| Cash And Cash Equivalents | 8,990,774 | 5,117,789 |
| Unamortized Finance Costs | 1,034,578 | 568,914 |
| Manufactured Homes and Improvements | 3,952,605 | 3,208,757 |
| Other Assets | 1,187,901 | 1,079,723 |
| Deferred Home Relocation Costs | 640,183 | 0 |
| Total Assets | 32,279,121 | 27,634,507 |
| LIABILITIES & PARTNERS' EQUITY | ' | ' |
| Accounts Payable | 92,144 | 27,904 |
| Other Liabilities | 748,900 | 568,830 |
| Notes Payable | 28,838,348 | 21,438,933 |
| Total Liabilities | 29,679,392 | 22,035,667 |
| Partners' Equity: | ' | ' |
| General Partner | 420,825 | 425,050 |
| Unit Holders | 2,178,904 | 5,173,790 |
| Total Partners' Equity | 2,599,729 | 5,598,840 |
| Total Liabilities And Partners' Equity | $32,279,121 | $27,634,507 |
| STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
| Income: | ' | ' | ' | ' |
| Rental Income | $1,780,389 | $1,801,379 | $5,271,959 | $5,425,966 |
| Home Sale Income | 23,102 | 58,464 | 70,506 | 206,185 |
| Other | 204,269 | 214,008 | 633,975 | 604,070 |
| Total Income | 2,007,760 | 2,073,851 | 5,976,440 | 6,236,221 |
| Operating Expenses: | ' | ' | ' | ' |
| Administrative Expenses (Including $300,931, $298,011, $101,866 and $99,454, in Property Management Fees Paid to an Affiliate for the Nine and Three Month Period Ended September 30, 2013 and 2012, respectively) | 607,828 | 572,352 | 1,905,780 | 1,808,294 |
| Property Taxes | 206,865 | 233,448 | 620,658 | 678,885 |
| Utilities | 151,408 | 148,592 | 451,975 | 441,007 |
| Property Operations | 227,642 | 164,373 | 670,823 | 536,351 |
| Depreciation | 425,085 | 395,671 | 1,283,806 | 1,186,199 |
| Interest | 668,653 | 364,651 | 1,387,981 | 1,099,731 |
| Home Sale Expense | 20,891 | 71,569 | 77,886 | 217,258 |
| Total Operating Expenses | 2,308,372 | 1,950,656 | 6,398,909 | 5,967,725 |
| Net (Loss) Income | ($300,612) | $123,195 | ($422,469) | $268,496 |
| (Loss) Income per Limited Partnership Unit: (in dollars per share) | ($0.09) | $0.04 | ($0.13) | $0.08 |
| Distribution Per Unit: (in dollars per share) | $0.62 | $0.08 | $0.78 | $0.24 |
| Weighted Average Number Of Units Of Beneficial Assignment Of Limited Partnership Interest Outstanding During The Nine and Three Month Period Ended September 30, 2013 and 2012. (in shares) | 3,303,387 | 3,303,387 | 3,303,387 | 3,303,387 |
| STATEMENTS OF OPERATIONS (Unaudited) [Parenthetical] (USD $) | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
| Property Management Fees To Affiliate | $101,866 | $99,454 | $300,931 | $298,011 |
| STATEMENT OF PARTNERS' EQUITY (Unaudited) (USD $) | Total | General Partner [Member] | Unit Holder [Member] |
| Balance at Dec. 31, 2012 | $5,598,840 | $425,050 | $5,173,790 |
| Distributions | -2,576,642 | 0 | -2,576,642 |
| Net (Loss) Income | -422,469 | -4,225 | -418,244 |
| Balance at Sep. 30, 2013 | $2,599,729 | $420,825 | $2,178,904 |
| STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | |
| Sep. 30, 2013 | Sep. 30, 2012 | |
| Cash Flows From Operating Activities: | ' | ' |
| Net (Loss) Income | ($422,469) | $268,496 |
| Adjustments To Reconcile Net Income To Net Cash Provided By Operating Activities: | ' | ' |
| Depreciation | 1,283,806 | 1,186,199 |
| Amortization of Financing Costs | 210,657 | 20,814 |
| Amortization of Deferred Home Relocation Costs | 149,457 | 0 |
| Payment of Deferred Home Relocation Costs | -789,640 | 0 |
| Increase in Manufactured Homes and Home Improvements | -743,848 | -996,728 |
| Increase In Other Assets | -108,178 | -393,126 |
| Increase (Decrease) In Accounts Payable | 64,240 | -78,725 |
| Increase In Other Liabilities | 180,070 | 286,299 |
| Total Adjustments | 246,564 | 24,733 |
| Net Cash (Used In) Provided By Operating Activities | -175,905 | 293,229 |
| Cash Flows Used In Investing Activities: | ' | ' |
| Purchase of property and equipment | -97,562 | -151,164 |
| Net Cash Used In By Investing Activities | -97,562 | -151,164 |
| Cash Flows Provided By (Used In) Financing Activities: | ' | ' |
| Distributions To Unit Holders | -2,576,642 | -792,813 |
| Proceeds from Refinance | 19,320,000 | 0 |
| Payments On Mortgage | -11,920,585 | -346,919 |
| Payments Of Deferred Financing Costs | -676,321 | 0 |
| Net Cash Provided By (Used In) Financing Activities | 4,146,452 | -1,139,732 |
| Increase (Decrease) In Cash | 3,872,985 | -997,667 |
| Cash, Beginning | 5,117,789 | 6,239,427 |
| Cash, Ending | $8,990,774 | $5,241,760 |
| Basis of Presentation: | 9 Months Ended | |
| Sep. 30, 2013 | ||
| Accounting Policies [Abstract] | ' | |
| Basis of Presentation and Significant Accounting Policies [Text Block] | ' | |
| 1 | Basis of Presentation: | |
| The accompanying unaudited 2013 financial statements of Uniprop Manufactured Housing Communities Income Fund II, a Michigan Limited Partnership (the “Partnership”) have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The balance sheet at December 31, 2012 has been derived from the audited financial statements at that date. Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013, or for any other interim period. For further information, refer to the consolidated financial statements and footnotes thereto included in the Partnership’s Form 10-K for the year ended December 31, 2012. | ||
| As described in the Form 10K for year ended December 31, 2012, management initiated the Sunshine Village Paid Home Relocation Program (the “Program”). The Program was offered exclusively to residents of Seminole Estates, a 704 site, age 55 and over manufactured home community in Hollywood, Florida that announced its closure. As of September 30, 2013, 40 residents have successfully relocated. The Partnership has incurred expenditures of $858,485, of which $789,640 has been capitalized and is being amortized over the life of the residents’ three year rental period. Management estimates an additional $80,000 of relocation costs will be incurred to complete the Program. | ||
| As described in the Form 8K dated July 26, 2013, the Partnership closed on the refinancing of the first mortgage loans secured by Sunshine Village, located in Davie, Florida and West Valley, located in Las Vegas, Nevada with a new lender, namely Cantor Commercial Real Estate. The gross loan amount secured by the first mortgage on the Sunshine Village property is $6,720,000. The gross loan amount secured by the first mortgage on the West Valley property is $12,600,000. Both loans mature in August, 2023 and bear interest at a fixed rate of 5.09% with principal payments based on a twenty-five year amortization period. | ||
| To satisfy the requirements of Cantor Commercial Real Estate, the ownership of the fee title of each of the properties was transferred into bankruptcy remote special purpose entities. The fee title to the Sunshine Village real property is now held by Sunshine Village MHP, LLC. The fee title to the West Valley real property is now held by West Valley MHP, LLC. Both of these entities are wholly owned by IF II, Holdings, LLC, a newly formed holding company which is wholly owned by the Partnership. Sunshine Village MHP, LLC, West Valley MHP, LLC and IF II, Holdings, LLC are all disregarded entities for federal income tax purposes. | ||
| The ownership transfers were made solely to meet the requirements of the lender and do not change the beneficial or economic ownership of the properties by the Partnership. In addition, to facilitate credit approval from the lender, Roger Zlotoff, President of Uniprop, Inc., and his spouse provided a “Guaranty of Recourse Obligations” for both loans. The Board of Directors has approved a guaranty fee of $25,000 per year for Sunshine Village and $37,500 per year for West Valley payable to Mr. Zlotoff. This fee effectively adds 30 basis points to the annual cost of the financing. Net closing proceeds after deducting the payoff of the prior mortgages of $11,383,289 and the payment of closing costs and fees to third parties of $665,193 were $7,271,518. The net loan proceeds have been added to cash reserves of the Partnership. Unamortized financing costs from the previous mortgages for these properties in the amount of $179,395 were written off during the quarter. | ||
| The interest rates on the mortgage loans for the other five properties owned by the Partnership were recently adjusted with Standard Insurance Corporation or “StanCorp” by accepting the interest rate re-set option available under those mortgage loans. The new interest rate on those five notes is 5.00% and the amortization period is twenty years. Another interest rate re-set option is available in five years. | ||
| We have evaluated subsequent events through the date of this filing. We do not believe there are any material subsequent events which would require further disclosure. | ||
| Mortgage Payable: | 9 Months Ended | |
| Sep. 30, 2013 | ||
| Debt Disclosure [Abstract] | ' | |
| Mortgage Notes Payable Disclosure [Text Block] | ' | |
| 2 | Mortgage Payable: | |
| On August 29, 2008, the Partnership refinanced its existing mortgage note payable and executed seven new mortgages payable with StanCorp in the amount of $23,225,000 secured by the seven properties of the Partnership. To pay off the prior mortgage balance of $25,277,523 and the costs of refinancing, the Partnership transferred $2,735,555 from cash reserves. The mortgages are payable in monthly installments of interest and principal through September 2033. The Partnership incurred $693,798 in financing costs as a result of the 2008 refinancing which is being amortized over the life of the loans. This included a 1% fee payable to an affiliate of the General Partner. Unamortized finance costs of $179,395 were written off during the quarter as a result of the refinancing discussed below. | ||
| On July 18, 2013, the Partnership refinanced two of the existing mortgage notes payable and executed two new mortgages payable in the amount of $19,320,000 secured by Sunshine Village, located in Davie, Florida and West Valley, located in Las Vegas, Nevada with a new lender, namely Cantor Commercial Real Estate. The mortgages are payable in monthly installments of interest and principal through August, 2023. These notes bear interest at a fixed rate of 5.09% with principal payments based on a twenty-five year amortization period. As of September 30, 2013 the balance on these notes was $19,290,752. | ||
| The Partnership incurred $665,193 in financing costs as a result of the 2013 refinancing which is being amortized over the life of the loans. This included a 1% fee payable to an affiliate of the General Partner. | ||
| Effective September 1, 2013, the interest rate re-set option was accepted on the five remaining mortgage notes with StanCorp. The new rate on these five notes is 5.00% and the amortization period is twenty years. Another rate re-set option is available in five years. As of September 30, 2013 the balance on these five notes was $9,547,596. | ||
| Future maturities on the notes payable for the next five years and thereafter are as follows: remainder of 2013 - $163,978; 2014 - $674,410; 2015 - $709,585; 2016 - $744,498; 2017 - $785,396 and thereafter - $25,760,481. | ||
| Basis of Presentation: (Details Textual) (USD $) | 9 Months Ended | 12 Months Ended | ||
| Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2008 | Jul. 18, 2013 | |
| Expenditure Incurred For Home Relocation Cost | $858,485 | ' | ' | ' |
| Payment Incurred For Home Relocation Costs | 789,640 | 0 | ' | ' |
| Additional Relocation Costs | 80,000 | ' | ' | ' |
| Payment Of Closing Cost And Fee To Third Parties | 665,193 | ' | ' | ' |
| Unamortized Financing Cost On Mortgage | 179,395 | ' | 179,395 | ' |
| Long-Term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.00% | ' | ' | 5.09% |
| Proceeds from Mortgage Deposits | 11,383,289 | ' | ' | ' |
| Mortgage Notes Payable Amortized Term | 'twenty years | ' | ' | ' |
| Sunshine Village [Member] | ' | ' | ' | ' |
| Guaranty Fee | 25,000 | ' | ' | ' |
| Payment Of Closing Cost And Fee To Third Parties | 7,271,518 | ' | ' | ' |
| Secured Debt | 6,720,000 | ' | ' | ' |
| Long-Term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.09% | ' | ' | ' |
| Mortgage Notes Payable Amortized Term | 'twenty-five year | ' | ' | ' |
| Loan Mature Date | 31-Aug-23 | ' | ' | ' |
| West valley [Member] | ' | ' | ' | ' |
| Guaranty Fee | 37,500 | ' | ' | ' |
| Secured Debt | $12,600,000 | ' | ' | ' |
| Long-Term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.09% | ' | ' | ' |
| Mortgage Notes Payable Amortized Term | 'twenty-five year | ' | ' | ' |
| Loan Mature Date | 31-Aug-23 | ' | ' | ' |
| Mortgage Payable: (Details Textual) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
| Sep. 30, 2013 | Jul. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2008 | Jul. 18, 2013 | |
| Proceeds from Issuance of Secured Debt | ' | $19,320,000 | ' | $23,225,000 | ' |
| Payments Of Prior Mortgage Note Payable | 9,547,596 | ' | 19,290,752 | 25,277,523 | ' |
| Transfer From Cash Reserves To Pay Prior Mortgage Payable | ' | ' | ' | 2,735,555 | ' |
| Debt Instrument, Interest Rate Terms | 'five years | 'twenty-five year | ' | ' | ' |
| Payments of Debt Issuance Costs | ' | ' | 665,193 | 693,798 | ' |
| Percentage Of Fee Payable To Affiliate | ' | ' | 1.00% | 1.00% | ' |
| Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 163,978 | ' | 163,978 | ' | ' |
| Long-term Debt, Maturities, Repayments of Principal in Year Two | 674,410 | ' | 674,410 | ' | ' |
| Long-term Debt, Maturities, Repayments of Principal in Year Three | 709,585 | ' | 709,585 | ' | ' |
| Long-term Debt, Maturities, Repayments of Principal in Year Four | 744,498 | ' | 744,498 | ' | ' |
| Long-term Debt, Maturities, Repayments of Principal in Year Five | 785,396 | ' | 785,396 | ' | ' |
| Long-term Debt, Maturities, Repayments of Principal after Year Five | 25,760,481 | ' | 25,760,481 | ' | ' |
| Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.00% | ' | 5.00% | ' | 5.09% |
| Unamortized Financing Cost On Mortgage | ' | ' | $179,395 | $179,395 | ' |